Smart grid roll-outs and energy price volatility to magnify growth in the global Demand Response Management System(PDM) Software Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global demand response management system(PDM) software market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global demand response management system(PDM) software market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global demand response management system(PDM) Software market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global demand response management system(PDM) software market.
Consulting Services to Sustain the Highest Revenues
The Global DRMS Market is segmented by service into consulting, curtailment, maintenance, and managed. Consulting is likely to be the leading service segment within the Global Demand Response Management Systems Market over the forecast period as well as the fastest growing.
Commercial Solutions to Generate More Growth Opportunities
By Solution, the Global Demand Response Management Systems Market is segmented into commercial, industrial, and residential. Commercial solutions are the leading revenue generators for the Global Demand Response Management Systems Market and are likely to remain in the position over the forecast period due to the growing demand for demand response management systems in large-scale energy grids.
Public Buildings to Generate More Revenue and Help SMEs
By End-User, the DRMS Market is segmented into agriculture, commercial spaces, public buildings, energy and power. Public buildings are likely to be the leading consumer of Demand Response Management Systems over the forecast period, due to the affordability of DRMS for government agencies and the growing government support for energy saving mechanisms such as DRMS.
North America to Sweep the Largest Revenue Streams Followed by APAC
North America is likely to be the dominant contributor to the Global Demand Response Management Systems Market over the forecast period due to the widespread establishment of smart grid infrastructure in countries such as the U.S., which has made it easier to adopt demand response management systems on a similar scale. APAC is likely to be a major market for demand response management systems over the forecast period due to the growing demand from entities in the government sector as well as residential sector for smart grid development, which is likely to drive the demand for demand response management systems.
Benefits of cloud based drms and untapped residential market to offer new opportunities in the global demand response management system(PDM) software market
Demand response management system (DRMS) is a software application that permits utilities to cope all features of the demand response (DR) programs with the help of an integrated system.. DRMS is both scalable and reliable, supporting several hundred thousand endpoints per customer class. Its secure, web-based interface allows access from multiple locations with role-based access and full auditing of system activities. The collaborative customer portal enhances performance by presenting consumers with their historical data and real-time feedback during demand response events.
Despite a minor growth dip owing to Covid-19 implications, the global demand response management system (PDM) software market is expected to recoup growth and register over USD 38 billion by 2028 ticking at a CAGR of 31%.
The increased demand from utilities is attributed to mounting pressures on utility operators to step up and modernize their grid operations and improve distribution efficiency to suffice the growing demand from various end-use sectors including residential, commercial and industrial. Furthermore, emerging technologies such as IoT, data analytics and blockchain would lead to major improvements in DR programs for utilities going forward.
Increase in EV numbers worldwide would also be a major driver for DR programs. Blockchain technology would enable a disruptive and innovative approach for automated DR programs thus leading to a decentralized and more secure ecosystem of smart energy grid management.
Vendors in the commercial demand response management systems market are focusing on provision of multiple-deployment commercial demand response management systems for utility control center applications. Better interface with utility back-office IT systems, and extended functionality are key focus area of development for players in the commercial demand response management systems market.
DR technology has been around for a while now but except for the U.S., the global adoption rate of DR programs has been slow. Absence of a single market model and lack of regulatory mandates in the European region have been the major factors for the slow growth of the DR market in this region. Many countries in the APAC region have a strong business case for implementing DR resources and the market in this region is expected to experience significant growth opportunities.
The high initial investment required for demand response management systems is likely to hamper the market’s growth prospects over the forecast period. While the long-term benefits of DRMS are immense, the high initial costs act as a deterrent to their widespread uptake, especially in the residential sector, where individual users may not necessarily be ready to spend large amounts on installing demand response management systems.
The major players of the global Demand Response Management System(PDM) Software market are Schneider Electric SA, Johnson Controls, Honeywell International, Inc., General Electric, Siemens, ABB Ltd, Eaton Corporation, Johnson Controls, Inc., EnerNOC, and Opower, Inc.
The demand response management system(PDM) Software market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Demand Response Management System (PDM) Software Market Scope
|Revenue forecast in 2028
|USD 38 billion
|CAGR of 31% during 2021-2028
|Service, Solution, End -User, Regions
|North America, Europe, Asia Pacific, Middle East and Africa, South America
|Key Players Profiled
|Schneider Electric SA, Johnson Controls, Honeywell International, Inc., General Electric, Siemens, ABB Ltd, Eaton Corporation, Johnson Controls, Inc., EnerNOC, and Opower, Inc.
Key Segments of the Global Demand Response Management System(PDM) Software Market
Service Overview, (USD Billion)
Solution Overview, (USD Billion)
End -User Overview, (USD Billion)
- Commercial Spaces
- Public Buildings
- Energy & Power
Regional Overview, (USD Billion)
- Rest of Europe
- Rest of APAC
- Rest of South America
Middle East & Africa
- Middle East